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Books > Business & Economics > Finance & accounting > Finance > Banking
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Cyprus and the Financial Crisis - The Controversial Bailout and What it Means for the Eurozone (Hardcover, 1st ed. 2015)
Loot Price: R3,440
Discovery Miles 34 400
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Cyprus and the Financial Crisis - The Controversial Bailout and What it Means for the Eurozone (Hardcover, 1st ed. 2015)
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The 2012-2013 economic crisis in the Republic of Cyprus is commonly
attributed to a number of factors, including the exposure of
Cypriot banks to over leveraged local property companies; the
knock-on effect of the Greek government debt crisis; and
international credit rating agencies downgrading the Cypriot
government's bond credit status. What followed was unexpected and
controversial: a bailout on condition of a one-time bank deposit
levy on all uninsured deposits in the country's second-largest
bank, the Cyprus Popular Bank; and on the uninsured deposits of
large proportion of the island's largest commercial bank, the Bank
of Cyprus. Many have questioned the implications of Cyprus' ties
with the Russian financial system, as well as the draconian and
unprecedented bailout terms imposed on the Cypriot population by
the Eurozone. There has been little written from the Cypriot
perspective on these events. This book presents a study of the
events surrounding the recent Cypriot Financial Crisis and its
impact on the Eurozone. It incorporates insights from leading
protagonists in the Cypriot government and banking sectors and
focuses on qualitative research to assess the events that formed
the backdrop of the crisis. The book analyzes the policies of many
public and private institutions and presents the crisis alongside
other Eurozone bailouts to compare and contextualize the ongoing
issues. Cyprus and the Financial Crisis also explains the political
and historical backdrop of the events, including the wider Cypriot
experience since the 1974 invasion, and the unravelling financial
relationship between Cyprus, Greece and Russia. It incorporates the
views of Cypriots from a wide and diverse spectrum, and presents
the resilience of the island in fighting back to beat forecasts for
recovery, helped by the Eldorado of gas finds off its southern
shores.
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